Renew trades in line following QTS acquisition

Engineering services group Renew expects to report annual results in line with market expectations thanks to the first full-year contribution from the recently acquired QTS.

Renew said it had strengthened its position across all of its engineered services unit's market sectors and now expects to report good organic growth and a strong order book, reflecting the firm's solid foundation of long-term framework contracts.

In rail, the AIM-listed group said activity levels for the twelve months ended 30 September were in line with forecasts and added that momentum was growing as expected. Renew acquired Scottish specialist independent rail contractor QTS in a deal worth £80m back in May 2018.

Renew anticipates net debt to be between £10m-£11m.

As of 1025 BST, Renew shares were up 2.39% at 394.20p.